Investor Presentation Virtual STAR Conferenceavio-data.teleborsa.it/2020/2020526-STAR_vfinal_20200526_085742.… · herein, which are made only as of the date of this presentation

AVIO SpA- All rights reserved – subject to the restrictions of last page.

Investor Presentation

Virtual STAR Conference

Rome, 26th May 2020


Disclaimer

This document has been prepared by Avio S.p.A. (“Avio” or the “Company”). This document might contain certain

forward-looking statements that reflect the Company’s management’s current views with respect to future events and

financial and operational performance of the Company and its subsidiaries. These forward-looking statements are

based on Avio’s current expectations and projections about future events. Because these forward-looking statements

are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed

in or implied by these statements due to any number of different factors, many of which are beyond the ability of Avio

to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements contained

herein, which are made only as of the date of this presentation. Avio does not undertake any obligation to publicly

release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date

of this presentation. Any reference to past performance or trends or activities of Avio shall not be taken as a

representation or indication that such performance, trends or activities will continue in the future. This document does

not constitute an offer to sell or the solicitation of an offer to buy Avio’s securities, nor shall the document form the

basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a

recommendation regarding the securities of Avio.

This document may not be reproduced, redistributed or published in whole or in part without Avio’s authorization.

2


Agenda

• The Space launcher business

• Avio’s positioning and evolution

• Recent updates

• Financials

3


The launch industry is the gateway to the Space economy

Satellite manufacturing

$ 19.5bn+7%

Satellite services(2,4)

$ 126.5bnstable

End users

Global space value chain (2018)

Launch industry(1,2)

$ 6.2bn+5%

Ground Segment(3)

$ 125.2bn+6%

4

(1): Includes launcher manufacturing and launch service activities(2): Commercial services revenues only(3): Includes GNSS chipsets and Related

(4): Includes commercial humanflight

Source: Satellite Industry Association (2018)

x% = 2015-18 CAGR


Growth in demand of satellite services is driven today largelyby Earth Observation and connectivity services

5

Example End UsersApplication

• Farmers• Insurance companies• Meteorological agencies• Civil Protection agencies

• Investors & financial analysts (Quant, Commodity)

• Intelligence analysts• Customs & Border agents

• Defense• Intelligence agencies• Rescue operations

• Investors & financial analysts(Quant, Commodity)

• Insurance companies

Infrastructure & Transportation

Environment & Climate

Energy & naturalresources

Security & Intelligence


Increasing gap between geographic origin of demand and supply

6

0

1

2

3

4

5

0

20

40

60

80

100

1957 1962 1967 1972 1977 1982 1987 1992 1997 2002 2007 2012 2017

Countries operating Satellites

Launching countries

Pop. Covered (Right Ax, Bln)

# of Countries

Tot. # world countries: 195Tot. World Pop (2020) = 7.8 BlnTot. World Pop (E2050) = 9.8 Bln

Source: Web Search; United Nations

Population covered

AVIO SpA- All rights reserved – subject to the restrictions of last page. 7

Launch capabilities concentrated in a few countries. Export capacity essentially in Europe and USA

4433

19

42

6 6

26

29

383

1

USA Russia Europe China Japan India

Government Commercial & Export

Average Annual Mass Launched in 2009-18 (Tons)

70

5762

45

7 6


594

2134

130

174

1521

1358

2009-18 2019-28

For the next decade: stable launch demand in MEO-GEO, fast-growing in LEO

2,312

3,898

World total mass at launch (tons)

-1%

+3%

+14%

GEO

MEO

LEO

Other

Orbit(altitude)

Source : Avio estimate on Euroconsult data; Excludes sats with mass <50 Kg

+3%

X

World Market

= CAGR Keyapplications

Telecom

Navigation

Earth Observation

8

10y LEO expected growth re-assessedat +14% (last year estimate +9%)


Satellite mass is shrinking quickly

9

4.2

1.2

3.4

1.5

GEO

Source : Avio estimate on Euroconsult and UCS data. For 2020s includes also OneWeb and Starlink

MEO

LEO 0.2 0.1

2009-18 2019-28E


Agenda



• Recent updates

• Financials

10


Avio : a pure player in Space Launchers

▪ European heavy launcher (10.5 tons in GTO)▪ Avio: partner and supplier for strap-on

boosters11

▪ European light launcher (1.5 tons in LEO)▪ Avio: developer, manufacturer, launcher

system integrator

Ariane 6 Vega C

▪ 360 M€ revenues (10% CAGR 2014-19)

▪ 1.000 employees▪ 400 M€ Mkt Cap▪ 70% free float▪ 4% Mgmt share

NEW 2020


Industrial operations in Europe and French Guyana

Source: Company information

KourouCity

Kourou European Spaceport (CSG)

• SRM casting and integration

• Vega launcher operation

Colleferro•SRM design, production

•Mission analysis

•Flight Software

•Stage integration

•Testing

12

From East to North launch

Main stage integration

Propellant casting

Launcher integration

Paris •Large SRM

design/integration

Firing tests

Upper stage integration

SRM Manufacturing


Ariane 5: the workhorse for Geostationary Satellites

13

30 33 31 2436

23 29 3220 25 27 22

31 36 38 39 40 33 39 45 42 40 33 30

1996 97 98 99 2000 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 2019

Total # of satellites launched into GTO worldwide

11 4 9 7 9 10 10 12 11 14 12 10 13 7 13 12 12 12 912

1 1 1 1

4

23 3

2

5 56

5

76

4

6

3

56

7

56

4

1996 97 98 99 2000 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 2019

# of Ariane 5 Launches (launches with two satellites)

A stable and resilient business

x = # of sats orbited by Ariane5

4 2 2 1

SOURCE: Web Search


Ariane: global customer base for GEO launch

= Last 15 yrs flights

Ariane 5

NOT EXHAUSTIVE

StarOneAmazonas

GoldTerrestar-1

AMC-21Galaxy 15

Lemaitre

TelkomBrysat

Amaldi

Galileo BepiColombo

NilesatTIBA

RASCOM

EinsteinKoreaSatChollian

Spainsat

GSAT

MexSat -3

Thor 7Hylas

SICRAL 2

HellasSat

SuperbirdBsat 3b

Arabsat

Azerspace

Al Yah 3

ST-2

Vinasat

Optus

Athena-Fidus

Anik F3

14


With the Sat miniaturization trend, Vega is ready to increaselaunch cadence to perform 5 flights per year

15

0

1

2

3

4

5

201920182012 2013 2014 2015 2016 2017

Senti-nel 2BP

ERUSA

TSenti-nel 2A

Lisa

P

ath

fin

der

PROBA VCube sats

Mo

ham

me

d V

I A

Veg

a C

MF

Falc

on

Eye

1

SSM

S

Mo

ham

me

d V

I B

2020

PR

ISM

A

2021 2022

EU In

stit

uti

on

al

EU In

stit

uti

on

al

EU In

stit

uti

on

alEU

Inst

itu

tio

nal

Exp

ort

SSM

SES

AEx

po

rtEx

po

rtEU

Inst

itu

tio

nal

SSM

S

Number of Vega Launches per year (cumulative 3 yrs avg)

91 103 119 110 98 140 192 162 292 509 30352 133 195 174 133

330 322 365

848952

968

2012 2013 2014 2015 2016 2017 2018 2019 2020E 2021E 2022E

Total # of satellites launched into Space worldwide

Sats > 500 kg Sats < 500 kg

2.5 1.5 1.1 1.3 1.4 0.8 0.8 0.8 0.7 0.8 0.5

2.5 = average sat mass


VV07PeruSat

VV074xSkySat

VV01LARES

VV02Proba V

VV02VNredSat-1a

VV03KazEOSat-1

VV05Sentinel 2A

VV04IXV

VV09Sentinel 2B

VV06LISA

VV08GokTurk-1a

VV10OptSat

VV10Venus

VV11Mohammed

VI A

VV12Aeolus

BacklogKompSat 7

BacklogCeres

VV14Prisma

BacklogCosmo 2G

BacklogIngenio

BacklogTheoSat

BacklogSpire

Spaceflight

BacklogLuxSat

BacklogVD20x2

VV13Mohammed

VI B

Backlog

GHGSat

Avio established as a global player through its flagshipproduct Vega dedicated to LEO launch

BacklogNemo HD

Vega Vega C

BacklogSynspective

= Backlog

= Flights

VV15Falcon

Eye

16

BacklogUndisclosed


2019 – ESA Ministerial Council: secured €490M funding fornew development projects

2020 2020/21

Ariane 64

TODAY

Ariane 62Ariane 5 Vega EVega CVega VegaClight

SpaceRider

2022 2023

Vega C+ Ariane 6 EVO

2025

P120 P120 P120 P120

Z40

AVUM

P120

Z40

2 productsno synergies

3 products with 1st stage in common

5 products with high commonality

Z9

Product roadmap funded at ESA Ministerial Council ‘19

MC ’19: €2.2B funding for launchers(of which ~€490M for Avio)

17


Automation and standardization to increase cost competitiveness

P80 P230P120

Single main-stage, higher volumes, economies of scale

Vega C Ariane64Ariane 62Ariane 5Vega

2019 2023

P120 Full volume production

Vega C MFAriane 6 MF

First flight items production

2018 2020 2021 2022

18


Agenda



• Recent updates

• Financials

19


May 2020: Vega on the Launch Pad and ready to return-to-flight

• VV16 integrated, operations to resume on May 25• First European «rideshare mission» for small satellites (booming demand)• More than 50 satellites from the US and the EU including Planet, Spire, GHGSat, Tyvak,

ISIS• Innovative mission delivering on 2 different SunSyncronous orbital planes

VV16 – Vega return to flight with SSMS PoC*

* Proof of Concept 20


2019: Key accomplishments on new developments

Return to flight: Zefiro23firing test (Sardinia)

Vega E: M10 LOX-CHfiring test (USA)

A6/Vega C: P120firing test (Kourou)

Vega C: Zefiro40firing test (Sardinia)

First successfulCamm-ER tests

Space Rider ProjectDesign Review

1st European Re-entry VehicleLargest carbon fiber SRM

1st Upper stage in LOX-CH

21


End of the COVID-19 lockdown: adaptation to new normal

22

11 May -Avio VV16 team departing to Kourou on Alitalia charter flight from Rome FCO

Adapted meeting rooms

Individual protection equipment

IN OUT

Modified layout to access facilities

Hand sanitizer dispensers


Positive outcome of the 2019 ESA Ministerial Council

1,6 2,2

9.0

12,2

MC 2016-19 MC 2019-22

1,32,3

9,3

12,1

MC 2016-19 MC 2019-22

+38% +72%

Total = €10.6 Bn

Total = €14.4 Bn

Total = €10.6 Bn

Total = €14.4 Bn

Other ESA countries

23

Launchers

SOURCE: ESA and ASI

ESA Ministerial Council Subscriptions

+36% +36%


SOURCE: ESA and ASI

Vega C+2.3 ton in LEO

Space Rider0.8 ton / re-entry

Vega E2.8 ton in LEO

Vega C light0.3 ton in LEO

•Cost reduction•Maint. of Op.Conditions

Development (Step 2) Development (Step 2)Technology Development

24

Key ESA Space transportation programs under Italian leadership

Total expected amount of R&D contracts to be assigned to Avio = € >400 Mln

Positive outlook for the evolution of Vega programs

2022 2022 2023 2025


Vega C getting ready for Maiden Flight by 1st semester 2020

P120

IS1/2

Z40

Z9

IS2/3

FAIRING

AVUM

System-level testsSub-systems readiness

P120 Firing Test (Jan. ‘19)

Z40 Firing Test (May)

IS1/2

IS2/3

New prop. tanks

Fairing

AVUM new gas tank

Vampire adapter

New facilities

P120 BBP P120 BIP Extension

HWIL tests

Vibration tests

A2 Assy test

Wind Tunnel Test

UCMEC tests

UCEMC test

25


Ariane 6 getting ready for Maiden Flight by end of 2020

4xP120

VINCI

FAIRING

P120 Firing Test (Jan. ‘19) Ariane 6 P120 Rear SkirtInteg. (Aug.)

Vulcain 6Firing Test (Jul.)

Upper Stage Tanks’Integ. (Jul.)

Vinci Engine QualificationTest (Oct.)

VULCAIN

Ariane 6 Fairing Shell completed (Jun.)

Ariane 6 launch vehiclebuilding under way

Ariane 6 Launch Padalmost ready

Ariane 6 mobile gantryin construction

26SOURCE: ESA, ArianeGroup, Press Search

AVIO SpA- All rights reserved – subject to the restrictions of last page.AVIO SpA- All rights reserved – subject to the restrictions of last page.27

Vega E development : nearing full scale M10 firing test

M10 LOX-CH Upper stage

• Conducted extensive firing test campaign on sub-scale combustion chamber

• M10 LOX-CH Engine components PDR :• Turbopumps (Liquid

Oxygen and Methane)• Combustion Chamber

(realized with additive manufacturing)

• Igniter

• Text performed successfully on February-March 2020 at NASA facilities in the USA


Recent commercial successes highlight customers’ confidencein Vega and Ariane

28

Earth Explorer Biomass

• Earth Observation satellite to monitor forests degradation and fires through the analysis of carbon dioxide

• Weight: 1.2 tons• Orbit: SSO @666 Km• Launch vehicle: Vega• Launch date: starting in 2022

SOURCE: ESA, Arianespace, Press search

Vega Ariane

Galileo constellation

• European Union costellation of navigationsatellites for EU citizens and enterprises

• Weight per sat: 0.7 tons• Orbit: MEO @23,616 Km• Launch vehicle: Ariane 62• Current number of scheduled flights with

Ariane 62: 6, with 4 additional satsannounced on January 2020

• Launch dates: starting in 2020Undisclosed customer

• Earth Observation satellite to monitor Typhoons

• Orbit: LEO• Launch vehicle: Vega


Tactical propulsion: Successful Camm-ER tests

29

• MBDA successfully completed trials of the CAMM-ER air defence missile

• Series of firings provingperformance at extended ranges and high altitudes

• CAMM-ER features a larger rocket motor to provide extended range beyond 40 km

• Avio responsible for the propulsion of the CAMM-ER defence system

SOURCE: MBDA Press release


Agenda



• Recent updates

• Financials

30


Avio stock price vs Consensus Target Price and Benchmarks

31

50

70

90

110

130

150

170

190

210

Oct 03,2016

Jan 11,2017

Apr 07,2017

Jul 05,2017

Sep 28,2017

Dec 21,2017

Mar 20,2018

Jun 15,2018

Sep 10,2018

Dec 03,2018

Mar 04,2019

May 30,2019

Aug 23,2019

Nov 15,2019

Feb 14,2020

May 13,2020

Index Avio Index FTSE All Share Consensus

Avio Stock Price (Index = 100 = 9.2 €)

10 April 2017: Business

Combination

11 July2019: VV15

March 2020: COVID-19


679

905

776

952 877

2014 2015 2016 2017 2018

669

2019

Net Order Backlog and Revenues

89 120 136 176 205

107110

130

140149

2014 2015 2016 2017 2018

Vega Ariane Tactical Other

Revenues by Line of Business (€ - M)

CAGR=10%

Net Order Backlog Evolution (€ - M)

292.0

343.8

257.4225.4

388.7

32

ESA MC ’14-16 ESA MC ’16-19 ESA MC ’19-22

131

203

2019

368.7


33

27,9 26,9

39,242,6

2014 2015 2016 2017 2018

EBITDA and EBIT growing – High operating leverage

EBITDA (€ - M) EBIT (€ - M)

CAGR=11%

15,8

10,513,2

25

28,526,5

2014 2015 2016 2017 2018 2019

CAGR=5%

33

42.6

2019


Growing Earnings and Cash supporting dividends and capex

34

-35 -34-19

42 49 57

2014* 2015 2016 2017 2018 2019

Net Income (€ - M) Net Financial Position (€ - M)

* Extraordinary dividend ** Pro-forma to account for extraordinary dividend financing

Dividends(€ - M)

*

- 220* 10 11.5- 17 14 29 2325CAPEX(€ - M)

6,5 5,43,1

21,8

25,8

2014 2015 2016 2017 2018

CAGR=33%27

2019 G

29


Q1 2020 financials in line with Q1 2019

Comments

• Slight slowdown in production and development activities• EBITDA benefitting from effective

fixed costs control

• In line with ordinary business cycle

• Increase of non recurring costs relatedto the COVID-19 outbreak (e.g. protection equipment and donations)• Increase in depreciation related to

previous years’ capex

Q1 2019

ACTUAL

MAIN ECONOMICS/

FINANCIALS

Q1 2020

ACTUAL DELTA DELTA

€ - M € - M € - M %

82,6 NET REVENUES 80,0 (2,6) -3%

7,0 EBITDA REPORTED 7,2 0,2 4%

8,4% % on net revenues 9,0%

7,0 EBITDA ADJUSTED 7,8 0,8 11%


3,1 EBIT REPORTED 3,1 0,0 0%


3,2 EBIT ADJUSTED 3,8 0,6 18%


31 DEC 2019

ACTUAL

31 MAR 2020

ACTUALDELTA DELTA

€ - M € - M € - M %

57,9 NET CASH POSITION 42,1 (15,8) -27%

35


Next steps – Busy 2020 and incoming contracts

• Upcoming flight activity

• VV16 SSMS – mid-June

• VV17 – August

• VV18 – by year-end

• Vega C - launch campaign to start by year-end

• Ariane 5 VA253 – end of July

• Backlog

• Contractualization of the ESA ‘19 MC developments in progress

• Tactical production contracts expected to be signed in the next few weeks

• Development

• Vega C ground qualification review – 3rd quarter

• P120 QM2 test (third and last static firing test for Ariane 6) – by year-end

• 2020 Financial results

• September 14th: HY 2020 – possible definition of the 2020 Guidance

• November 5th: 9M 2020 results

36


Publicly announced flights in backlog and beyond for Vega and Ariane

37

2020 2021 2022

Vega/ Vega C

Flights in backlog, detailed launch dates and schedule TbD

Source: Arianespace announcements and PRs, ESA, Press releases, Public information, NextSpaceflight.com

Comm.

Some flights have the option to fly alternatively with Vega or Vega CSome flights have the option to fly alternatively with Ariane 5 or with Soyuz

Ariane 5&

Ariane 6

Inst. Inst. Inst. Inst. For. Inst. For. Inst. Inst. Inst.

Comm. Comm. Comm. Inst. Inst. Comm. Comm.Comm.Inst. Inst. Inst. Inst. Inst.


Structural elements of Avio’s business resilience

Drivers Elements of resilience

• FY 2019Net Order Backlog ~€700M • 2 years-equivalent revenues, 3-4 years business visibility based on planned roll-out

• > 10 Vega flights & > 20 Ariane flights

• ~70% of backlog for government end customers

• Positive NFP ~€60M • Available cash to better manage operations

• Flexibility in Capex planning & execution

• Low-interest Gross Debt ~€50M • EIB 7 years-term debt

• <1% fixed interest rate

• Tax credits >€80M • Deferred tax assets (Income Tax)

• Additional VAT and R&D credits

Co

mm

erc

ial

Fin

anci

al

~€500M

• Own shares ~€4M

• Mgmt Long Term Incentive ~€1M • Bonus payment voluntarily deferred to 2021

• Buyback limit €9M

• New orders from ESA to be received from 2020

• Development projects subscribed at ESA MC ’19

38


Long-term outlook unchanged by Coronavirus

❑ Covid-19-related uncertanties may lead to short-termexternal turbolence and business slowdown:

• No 2020 Guidance at this time• Dividend distribution suspended

• Deferred Long-Term Incentives’ payment to management

❑ Continuity of operations: • Authorised to continue industrial operations• Vega return-to-flight in mid-June• Strategic supplies already secured• Vega C Maiden Flight preparation on track• Robust Ariane and Vega backlog

❑ Long-Term outlook unchanged

To be reviewed upon HY 2020 closing (September 2020)

39


Share buyback program launched in August 2019

• Efficient use of liquidity generated by the ordinary business activities through a medium-long term investment

• Offer an additional return to shareholders along with dividend payments

• Possible use own shares in M&A transactions

Objectives Program scheme

• €9M maximum investmentamount (as decided by shareholders in April)

• Initial mandate by BoD in August for €5M lasting until October 2020

• Share Buyback carried out by an independent broker (Equita SIM, S.p.A.)

Following the purchases made so far, as of May 22nd 2020 Avio S.p.A. holds # 315,300 own shares, corresponding to 1.20 % of total Avio’s share capital (9th August – 22nd May)*

40

*Daily purchases capped by law at 25% of average daily volumes of the previous 20 trading days


Appendix

35


LEO demand growth and competitive environment

42SOURCE: Launchers’ user manuals

Mini Launchers (<0.5 tons) Small Launchers (>0.5, <2.5 tons) Large Launchers (>2.5 tons)

Overview of LEO Launchers (capacity in tons)

Dedicated launch Rideshare

Avg mass 0.5 tons

= in development

= in place

= Avio involved

0,2 0,2 0,3 0,3 0,71,5 1,8 1,8 2,3

4,4

6,6

14

20

Electron LauncherOne

SSLV VegaLight

Firefly Vega PSLV Minotaur Vega C Soyuz Ariane6.2

Ariane6.4

Falcon 9


With also private investments in the Space sector continuing to grow rapidly

0,00

0,50

1,00

1,50

2,00

2,50

3,00

3,50

4,00

4,50

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Inve

stm

en

t1($

bn

)

Angels Venture Capital Corporate Other

+28% CAGR

(1) Annual non-governmental equity investment(2) Angels include investments from Jeff Bezos, Richard Branson, Elon Musk, and Robert Bigelow (total $>2 bn)(3) Other includes Foundations, Private Equity, Sovereign Funds, Crowd Platforms, etc.Source: Space Angels Q4 2019 Investment Report

(2) (3)

43

6%

48%

47%

Other Satellites Launch

Breakdown of cumulated 2009-2019 investments by sector (% of 28$ Bn)

$3.0 bn

Equity investment in Space Ventures

2019

$5.8 bn


50 years of expertise in Space technologies with consistent track record

Ammunitions

44

Ariane6

Ariane 1-3

Separation motors

Ariane 4 9.5 ton

boosters

Ariane 5

230 tonboosters

VegaLaunchsystem

VegaC

1912 1968 1990 2000 20202012 2025

SpaceRider

Vega EVegaCLight


Launch capabilities concentrated in a few countries. Export capacity essentially in Europe and USA

Domestic players

142 tons50% Gov.

62 tons35% Gov.

12 tons87% Gov.

21 tons98% Gov.

55 tons89% Gov

SOURCE: Avio elaboration on Gunter Space data

Tot. World market: 354 tons, 6.2$ B

Global competitors

New Comers

62 tons98% Gov.

45


World Governments’ Space Budgets are growing steadily

46

SOURCE: Avio elaboration on Euroconsult data

4.2$ Bn+31%

5.8$ Bn+19%

1.5$ Bn+37%1.5$ Bn

+31%

16.8$ Bn+11%

41.0$ Bn+14%

0.4$ Bn-39%

2018 Government Space BudgetDelta 2016-18

1.4$ Bn+3%

3.1$ Bn+1%

Total 2018 World Government Budget: 71$ BlnForecasted 2025 Budget: 85$ Bln (+20%)


Managed by a team of Investors

47

70 Avio managers as equity partners

14%

31%

15%

40%

InOrbit shareholding breakdown

CEO

1st line managers

2nd line managers

3rd line and retiredmanagers

4% share in Avio


Space launch has three main sub-segments by type of orbit

GEO - Geostationary Earth Orbit LEO - Low Earth Orbit

Sources: Spaceworks; International Journal of Science and Research; Avio estimate on Euroconsult data

48

Altitude 36,000km Altitude 500-2,000km

Mature market Booming demand

MEO - Medium Earth Orbit

Altitude 3,000-22,000km

Niche market

Annual avg volume : 30 launches, 160 tons




Quarterly pattern of Reported EBITDA and Net Cash Position

6,114,5

22,5

42,6

6,916,1

23,5

42,6

7,2

Q1 HY 9M FY2018 2019 2020

EBITDA Reported (€ - M)

47,2

21,7

48,7 49,148,7

20,4

49,357,9

42,1

Q1 HY 9M FY

2018 2019* 2020*

Net Cash Position quarterly evolution (€ - M)

* Include effects of IFRS 16

49

The information contained in this document is Avio S.p.A. proprietary and is disclosed in confidence. It is the property of Avio S.p.A. and shall not be used, disclosed to others or reproduced, without the express written consent of Avio S.p.A.

Contacts

+39 0697285158

+39 3420726648

[email protected]

Documents

Investor Presentation Virtual STAR Conferenceavio-data.teleborsa.it/2020/2020526-STAR_vfinal_20200526_085742.… · herein, which are made only as of the date of this presentation